Strata commercial unit at Bukit Timah Plaza for sale at $11 mil
Clemence Lee, executive director of resources markets, Singapore, at CBRE, mentions that strata-commercial units within the Beauty World sub-precinct are reduced in supply. “Investors understand that supply of strata-commercial residences will be limited in the future, as the authorities start to restrict further strata community of the commercial element of real estates found in crucial main locations,” he includes.
Upcoming projects include a spots mixed-use development by Far East Organization and also Sino Group at the Jalan Anak Bukit Government Land Sales (GLS) site. The joint-venture partners won the 3.22 ha site, based at the junction of Upper Bukit Timah Road as well as Jalan Jurong Kechil, with an offer of $1.03 billion ($989 psf per plot ratio) in August 2021. The project will certainly consist of a commercial podium, property units, serviced condominiums, and also a brand-new incorporated transport hub.
Furthermore, Lee sights that the rejuvenation taking place in Beauty World will likely enhance rental as well as resources appraisal for buildings in the location over the medium to long term.
Therefore, he prepares for solid attraction in the real estate from local area as well as foreign buyers, consisting of high-net-worth buyers, family offices and also owner-occupiers.
There is likewise an upcoming site under the 2H2022 GLS Program located at Bukit Timah Link, which can yield 160 available units.
The property is in Basement 2, facing the main central plaza of the retail facility. It has 20m frontage and a complete strata location of about 3,391 sq ft. It is currently completely leased.
A strata commercial unit favorably for diner usage at Bukit Timah Plaza is up for sale via an expression of interest exercise. According to single promotion agent CBRE, the unit has an overview price of $11 million.
Bukit Timah Plaza is a mixed-use property that was finished in 1979. It rests on an island site bounded by the Pan-Island Expressway, Jalan Anak Bukit and Upper Bukit Timah Road. The property consists of a four-storey retail block and two condo blocks referred to as Sherwood Towers, with 269 residential units.